Aztar: Columbia ups acquisition bid to $50/share

GabrielMadway

SAN FRANCISCO (MarketWatch) -- Aztar Corp.
AZR, +13.64%
said late Friday it has received an acquisition offer of $50 a share from Columbia Entertainment, topping the $48-a-share offer made earlier in the day by Pinnacle Entertainment Inc.
PNK, +0.03%
Aztar said the Columbia offer is "reasonably likely to result in a superior proposal," but said it is not making any recommendation at this time. The Columbia offer included a signed merger agreement, Aztar said. Phoenix-based Aztar owns Tropicana casinos in Las Vegas and Atlantic City, N.J., along with riverboat properties in Indiana and Missouri.

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